CrossFit Is Officially Up For Sale: What This Means for the Fitness Giant
CrossFit LLC has officially announced that the company is for sale, confirming rumors that have circulated throughout the fitness community in recent months. The announcement came on Wednesday, March 12, 2025, just days before the conclusion of the 2025 CrossFit Open. The current owners, Berkshire Partners, who purchased the company in 2020, are now seeking new leadership for the global fitness brand that has revolutionized the way millions approach exercise and community-based fitness. This development marks a significant turning point for CrossFit and raises questions about the brand's future direction, valuation, and what potential new ownership might mean for its worldwide community of affiliates and athletes.
The Official Announcement and Current Status
CrossFit CEO Don Faul confirmed the sale in an email to affiliate owners, stating: "Our objective is to find the right partner—one with a connection to our community, an appreciation for our affiliate business model, and the passion and vision to lead us into the future." The company has engaged Moelis & Company, a global investment bank, to assist with reviewing potential buyers. According to Faul, the process will take time, and CrossFit will not be sharing additional details until the sale is completed. In the meantime, the company has assured affiliates that there will be no immediate changes to operations or their working relationship.
To address questions from the affiliate community, CrossFit is hosting a town hall meeting that will likely provide more context about the decision and what affiliates can expect during the transition period. Faul has emphasized his personal commitment to remaining heavily involved in the process, suggesting that current leadership is focused on finding a buyer who will preserve CrossFit's core values and community-centered approach.
Recent Challenges for the CrossFit Brand
The decision to sell comes during a challenging period for CrossFit. The brand has faced significant scrutiny since the tragic death of athlete Lazar Ðukić at the 2024 CrossFit Games, an event that shook the community and raised questions about competition safety protocols. Additionally, participation in the CrossFit Open, the company's largest annual competition, has declined substantially. The 2025 Open saw only 233,815 registrations, a 32% decrease from 2024 when more than 343,000 people registered. This represents the lowest registration total since 2014.
This decline in participation has directly impacted the company's financials. The 2025 CrossFit Games prize purse, which is tied to Open registration numbers, has decreased by approximately 30% from the previous year. The 2025 purse is set at $2,338,150, down from $3.3 million in 2024. This reduction reflects broader challenges facing the brand, including increased competition from other fitness events and platforms, such as HYROX and the World Fitness Project, which may be drawing athletes and attention away from CrossFit's traditional season structure.
So, What is it Worth?
When discussing the potential sale price of CrossFit, it's important to distinguish between the value of the company itself and the size of the market it influences. In past discussions about CrossFit's worth, there has been confusion between these figures. Reports once suggested the brand was worth $4 billion, but this number actually refers to the estimated annual market size of the CrossFit ecosystem, including affiliated gyms, equipment manufacturers, and apparel companies that work with the brand.
According to a Forbes investigation cited in the search results, CrossFit Inc.'s annual revenue was estimated at approximately $100 million as of 2015. When Eric Roza purchased CrossFit from founder Greg Glassman in 2020 following controversy over Glassman's remarks about George Floyd, industry analysts speculated that the sale value was likely between $150 million and $200 million, though official figures were never disclosed.
Determining CrossFit's current value is complicated by several factors. Traditional valuation methods like market multiples are difficult to apply since CrossFit's business model is relatively unique. The company generates revenue primarily through affiliate fees ($3,000 annually per gym), certification courses (including the $1,150 Level 1 Certification required for affiliate owners), competition registrations, and partnerships with sponsors.
Given the recent decline in Open participation, challenges following the Ðukić tragedy, and increased competition in the fitness space, it's reasonable to expect that CrossFit's current valuation might be lower than at its peak. However, the brand still maintains a global network of approximately 13,000 affiliated gyms across 158 countries, representing a significant and established fitness community. This extensive footprint remains valuable to potential investors looking to enter the fitness market with an established brand.
Who Might Purchase CrossFit?
The question of who might step forward as CrossFit's next owner is generating significant speculation. Based on CEO Faul's comments, CrossFit is prioritizing buyers who understand and appreciate the community-centered affiliate model that has defined the brand's approach to fitness. This suggests they may be looking beyond traditional private equity firms to potential buyers with direct experience in the fitness industry or the CrossFit community specifically.
There are several categories of potential buyers who might be interested in acquiring CrossFit. Major sportswear companies could see value in owning a fitness brand with a dedicated community that purchases significant amounts of specialized equipment and apparel. Established fitness conglomerates might view CrossFit as a complementary addition to existing portfolios of gyms or fitness concepts. Additionally, wealthy individuals from within the CrossFit community – perhaps successful affiliate owners who have expanded into multiple locations or former athletes who have built businesses within the ecosystem – might form investment groups to bid for the company.
What This Means for the CrossFit Community
For the more than 13,000 CrossFit affiliates worldwide, this announcement introduces a period of uncertainty. While Faul has assured that operations will continue unchanged for now, the identity and vision of CrossFit's next owner will inevitably shape the future direction of the brand. Affiliates, who pay $3,000 annually for the right to use the CrossFit name and methodology, have a significant stake in the outcome of this sale.
The affiliate model has been central to CrossFit's growth and success. Unlike traditional franchises, CrossFit affiliates maintain considerable autonomy in how they operate their businesses, from pricing to programming. This model has allowed CrossFit to expand rapidly while preserving the unique culture of each local gym. Any potential buyer will need to consider how changes to this model might affect the brand's relationship with its global network of affiliates.
For individual CrossFit athletes and participants, the immediate impact of the sale announcement is likely minimal. The 2025 CrossFit Games are scheduled to take place at MVP Arena in Albany, New York, from August 1-3, and planning for this event continues. Ticket presales for affiliates are set to begin on March 25 and 27, suggesting confidence that the event will proceed as planned regardless of the ownership transition.
The Historical Context of CrossFit Ownership
To understand the significance of this sale, it's helpful to consider CrossFit's ownership history. Greg Glassman founded CrossFit in 2000 and maintained 100% ownership until 2020. Following controversial remarks he made about George Floyd in June 2020, Glassman faced significant backlash from the CrossFit community, prompting many affiliated gyms to disassociate from the brand and sponsors to end partnerships.
In response to this crisis, Glassman stepped down as CEO and sold the company to Eric Roza, a tech executive and owner of CrossFit Sanitas in Boulder, Colorado. Roza partnered with Berkshire Partners to acquire CrossFit, with the deal closing in August 2020 after receiving government approval. Under this arrangement, Glassman completely divested from the company, retaining no stock, while 1% of CrossFit's stock was placed in a non-voting trust for Glassman's wife and children.
Roza's acquisition was widely viewed as a reset for the brand, with the new owner explicitly committing to rebuilding bridges within the community and addressing concerns about inclusion and company culture. The transition from Berkshire Partners' ownership after less than five years suggests that the challenges facing CrossFit may be more substantial than initially anticipated when they acquired the company.
Potential Impact on the CrossFit Business Model
Any discussion of CrossFit's sale value must consider the company's current business model and prospects for growth. CrossFit's revenue streams include affiliate fees, certification courses, competition registrations, licensing, and sponsorships. The affiliate model, in particular, provides a relatively stable income source, with over 13,000 gyms each paying $3,000 annually, potentially generating around $39 million in annual revenue from affiliation fees alone.
The declining participation in the Open and reduced prize purse for the Games suggest challenges in the competitive and events side of the business. However, CrossFit's established methodology and global recognition still provide significant value. The brand has demonstrated resilience over more than two decades and has survived previous crises, including the 2020 controversy surrounding Glassman.
A new owner might explore several strategies to reinvigorate the brand, such as expanding digital offerings, developing new certification pathways, or creating additional competition formats to complement the Games. With the fitness industry increasingly moving toward hybrid models that combine in-person and digital experiences, CrossFit's established community provides a solid foundation for innovation in this space.
Conclusion
The announcement that CrossFit is officially for sale marks a significant moment in the evolution of this influential fitness brand. While the specific valuation remains speculative without official figures, historical context and current market conditions suggest a likely price range between $150-250 million, though this could vary significantly depending on the specific terms of any deal and the strategic value to particular buyers.
The coming months will be crucial for CrossFit as it navigates this transition period while maintaining the trust of its community. For affiliates, athletes, and fitness enthusiasts who have made CrossFit a central part of their lives, the identity and vision of the new owner will be watched closely. As the sales process unfolds, the CrossFit community will be looking for signs that any new ownership will preserve the core values and community-centered approach that have defined the brand while addressing the challenges that have emerged in recent years.
The affiliate town hall scheduled for today may provide additional insights into the sales process and timeline. For now, CrossFit continues to operate as usual, with all eyes on the conclusion of the 2025 Open and the upcoming CrossFit Games in Albany this August.
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